| September 10, 2009 Canada Lithium Corporation Announces $15 Million Bought Deal Private Placement | |
| Canada Lithium Corp. has entered into an agreement with a syndicate of underwriters co-led by Cormark Securities Inc. and Blackmont Capital Inc. pursuant to which the underwriters have agreed to purchase 27,273,000 units of the company on a bought deal private placement basis at a price of 55 cents per unit. Each unit shall consist of one common share of the company and one-half of one common share purchase warrant. Each whole warrant shall be exercisable at any time for one common share at a price of 80 cents per share for a period of two years following closing. The underwriters shall also have the option, exercisable prior to the closing of the offering, to purchase up to an additional 4,091,000 units at the issue price under the offering for additional gross proceeds of up to $2.25-million. The company will pay the underwriters a cash commission equal to 6.0 per cent of the gross proceeds of the offering and issue broker warrants to acquire up to that number of units as is equal to 6.0 per cent of the total number of units issued pursuant to the offering at a price of 55 cents per unit for a period of 12 months following the closing date. The offering is scheduled to close on or about Sept. 30, 2009, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The net proceeds of the offering will be for continued exploration and development of the Quebec lithium project and the Nevada brines and for general working capital purposes. For further information, contact Peter Secker, President and CEO at (416) 864-0303, or visit our website at www.canadalithium.com | |
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